Competition for Payday Advances in Finland

Chapter 13 Payday Loans

Competition for Payday Advances in Finland

We did a bit of research comparing quick loans in various businesses that offer payday advances in Finland.

We unearthed that a lot of the businesses provide loans comparable to loans that are quick. Companies provide credit rating, versatile loans and credit reports, loans, loan brokerage services, etc. There we discovered companies that are various solution customers with fast loans.

Name Loan quantity Loan Duration Age restriction
Ferratum Min €50 Max €300 7-30 times 21 years
Vivus Min €10 Max €2010 3-30 days twenty years
Luttoraha Min €50 Max €2000 45 times 22 years
Ekstraluotto Min €10 Max €2100 1-26 months 21 years
Ainalaina Min €50 Max €2000 45 times 21 years
Euroloan Group as much as €500 3 months-3 years twenty years
Everyday.fi Min €20 Max €2000 3 months-1 12 months 21 years
Compare to payday advances when you look at the UK
Cashfloat Min ВЈ200 Max ВЈ1100 months that are 1-4 years
  • Ferratum fast loan is section of a Ferratum Corporation and it’s also noted on the Frankfurt stock market. Its Finnish lender with easy objective, to provide a lot more than cash to everybody. With headquarters in Finland, it runs in other 21 nations including Germany, France, Croatia, Romania etc.
    • Loan quantity: minimum €50, maximum €300.
    • Loan timeframe: from 1 week as much as 1 month. Ferratum is interest free, and so the annual rate of interest is 0,0%.
    • Age limitation to take that loan: 21 yrs . old.
  • Vivus has workplaces for pay day loans in Finland, Sweden, Denmark, Latvia, Poland and British. It began running in ’09.
    • Loan quantity: minimum €10 and €2010 optimum.
    • Loan period: 3 to thirty day period.
    • For 10 as much as €400, yearly interest is 0%.
    • For 10 as much as €2010, the percentage that is annual in €2000 is 447.6%.
    • Age limitation to take a loan: two decades old.

Our 2nd source had been Lainaa which unveiled some other organizations providing fast loan solutions.

  • Luttoraha – is just a Finnish personal restricted liability business devoted to credit. They will have expertise in the granting of credit rating within the Nordic nations since 2005.
    • Loan quantity: from €50 to €2000.
    • Loan period: 45 times.
    • Right after paying right right back the mortgage, borrowers can utilize more.
    • It offers free protection application to everyday activity.
    • The APR of €2000 credit is determined on 140.4per cent.
    • Age limitation when planning on taking a loan: twenty years old.
  • Ekstraluotto – is just a dependable home loan company since 2006.
    • Loan quantity: from €10 to €2100.
    • Payback period: from 1 to 26 months.
    • For a €2000 loan for one year repayment, the APR is 119.86%.
    • Age restriction to take a loan: 21 years old.
  • Ainalaina – recognize the €2,000 personal credit line for longer than 21 years old.
    • Loan quantity: from €50 to €2000.
    • Loan extent: 45 times.
    • Borrowers can enhance cash by text message 24/7.
    • Clients solution available round the clock.

Because we couldn’t find more sources about competition for payday advances in Finland, we now have expanded the investigation on greater number of credits over durations of many months. Based on our other supply, Parasvippi, you can find 9 organizations offering various number of loans that are detailed and explored below.

  • Eurolan Group – is really business with customer finance choices in Finland, Sweden and Poland. For Finland, it includes loans that are express as much as €500. Here you will find the https://www.https://paydayloansmichigan.org key faculties:
    • Loan Duration: min three months, maximum 36 months.
    • APR (annual) 50.5%.
    • Nominal rate of interest is 4.99%.
    • Loan instance: for a financial loan of €100 for a couple of months, the debtor has to spend €47 monthly payments, or €139 as a whole. This will make a cost of €39.
    • Age limitation when planning on taking a loan: Above two decades old.
  • Eurolimitti – Eurolimitti is a brandname of JW-Group Ltd which runs since 2006 as entirely finance company that is finnish-owned.
    • The minimum quantity they feature is €10 with maximum number of €3000.
    • APR (annual) 98.68%
    • Nominal rate of interest is 5.99%.
    • Loan example: for a financial loan of €100 for three months, the debtor must spend €37 in monthly payments or €112 as a whole. This is why a cost of €12.
    • Age limitation to take that loan: 21 years old.
  • Laina – is Finland’s leading business for various form of loans. Versatile economic solutions are currently employed by a lot more than 400,000 Finns.
    • Loan timeframe: min a few months, maximum 36 months.
    • APR (annual) maximum 77.16%.
    • Loan instance: for a financial loan of €100 for three months, the borrower has to spend €40 monthly payments, or €121 as a whole. This will make a cost of €21.
  • NordCREDIT – is another complete credit business that provides numerous style of credits, including short-term loans online.
    • Minimal level of loan is €100 and optimum is €3000.
    • Loan Duration: min a few months, maximum one year.
    • APR calculated towards the average of €2000 for 12 month re re payment duration is 128.80% plus the cost that is total €3255.
    • Yearly nominal rate of interest is 60%.
    • Loan extent: min a couple of months, maximum 12 months.
    • The minimum quantity they feature is €20 with maximum quantity of €2000.
    • Withdrawal payment of 15% with month-to-month interest of 5% with no other charges.
    • APR for a normal €800 is 99.69%.
    • Age limitation to take that loan: 21 years of age.
  • okay cash is Finnish credit provider and award winning for a long time due to the fact most useful little financial institution.
    • Loan Duration: three months to two years.
    • The fee for the €100 loan for ninety days is €29, this means the charge is €29.
    • Yearly rate of interest is 376.68%.
    • Age restriction when planning on taking that loan: 20 years old.
  • Soumilimiitti is a brandname of JW-Group Oy. It includes as much as €2000.
    • It gives €10 that is minimum optimum €2000.
    • Withdrawal commission is 15% regarding the raised quantity.
    • Year loan duration: min 3 months, max 1.
    • The fee for a €100 loan for 3 months is €33, meaning the cost is €33.
    • The yearly rate of interest is 477.6%.
    • The APR on credit of €800 for 12 thirty days repayment duration is 163.98%.
  • Euro24 – The company’s primary business is funding as well as the granting of credit rating. Euro24 Finance Ltd is registered in the Southern Finland Regional State Administrative Agency creditor register from 31.1.2011.
    • Loan Duration: min a couple of months, maximum 24 months.
    • The fee for the €100 loan for 3 months is €52, which means that the cost is €52.
    • Annual rate of interest is 1254.79%.
    • Loan instance: for €800 the APR is going to be 98.87% for the payment amount of one year. The actual quantity of total price of the mortgage shall be €2086.
    • Age restriction when planning on taking that loan: 21 years old.

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